Tennessee | 0-25225 | 62-1749513 |
(State or Other Jurisdiction | (Commission File Number) | (I.R.S. Employer |
of Incorporation) | Identification No.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item 2.02. | Results of Operations and Financial Condition. |
Item 7.01. | Regulation FD Disclosure. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
See Exhibit Index immediately following signature page. |
Dated: November 24, 2008 | CBRL GROUP, INC. |
By: | /s/ N. B. Forrest Shoaf |
Name: | N.B. Forrest Shoaf | |
Title: | Senior Vice President, Secretaryand General Counsel |
[CBRL GROUP, INC. LOGO] | POST OFFICE BOX 787 |
Investor Contact: | Diana S. Wynne |
Senior Vice President, Corporate Affairs | |
(615) 443-9837 | |
Media Contact: | Julie K. Davis |
Director Corporate Communications | |
(615) 443-9266 |
·
|
Fully
diluted income from continuing operations per share of $0.57 for the first
quarter fiscal 2009 compared with $0.57 in the prior-year
quarter
|
·
|
Revenue
for the first quarter declined 1.2% to $573.9 million compared with the
prior year quarter
|
·
|
Comparable
store restaurant sales for the first quarter of fiscal 2009 decreased 3.2%
from prior year quarter for Cracker Barrel Old Country Store®
(“Cracker Barrel”) while comparable store retail sales were down
2.3%
|
·
|
Operating
income margin from continuing operations in the first quarter was 5.7% of
total revenue compared with 6.2% in the prior year
quarter
|
August | September | October |
Comparable
restaurant sales
|
-2.1 | % | -3.4 | % | -4.0 | % | ||||||
Comparable
restaurant traffic
|
-5.4 | % | -6.7 | % | -7.2 | % | ||||||
Average
check
|
3.3 | % | 3.3 | % | 3.2 | % | ||||||
Comparable
retail sales
|
-0.4 | % | -3.6 | % | -2.5 | % |
First
Quarter Ended
|
||||||||||||
10/31/08
|
11/2/07
|
Percentage
Change
|
||||||||||
Total
revenue
|
$ | 573,932 | $ | 581,165 | (1 | )% | ||||||
Cost
of goods sold
|
181,357 | 180,228 | 1 | |||||||||
Gross
profit
|
392,575 | 400,937 | (2 | ) | ||||||||
Labor
& other related expenses
|
222,433 | 225,668 | (1 | ) | ||||||||
Other
store operating expenses
|
105,966 | 105,220 | 1 | |||||||||
Impairment
and store closing charges
|
-- | 809 | (100 | ) | ||||||||
Store
operating income
|
64,176 | 69,240 | (7 | ) | ||||||||
General
and administrative expenses
|
31,618 | 33,218 | (5 | ) | ||||||||
Operating
income
|
32,558 | 36,022 | (10 | ) | ||||||||
Interest
expense
|
14,033 | 14,909 | (6 | ) | ||||||||
Interest
income
|
-- | 57 | (100 | ) | ||||||||
Pretax
income
|
18,525 | 21,170 | (12 | ) | ||||||||
Provision
for income taxes
|
5,693 | 7,187 | (21 | ) | ||||||||
Income
from continuing operations
|
12,832 | 13,983 | (8 | ) | ||||||||
Loss
from discontinued operations
|
-- | (94 | ) | (100 | ) | |||||||
Net
income
|
$ | 12,832 | $ | 13,889 | (8 | ) | ||||||
Earnings
per share – Basic:
|
||||||||||||
Income
from continuing operations
|
$ | 0.57 | $ | 0.59 | (3 | ) | ||||||
Loss
from discontinued operations
|
$ | -- | $ | -- | -- | |||||||
Net
income per share
|
$ | 0.57 | $ | 0.59 | (3 | ) | ||||||
Earnings
per share – Diluted:
|
||||||||||||
Income
from continuing operations
|
$ | 0.57 | $ | 0.57 | -- | |||||||
Loss
from discontinued operations
|
$ | -- | $ | -- | -- | |||||||
Net
income per share
|
$ | 0.57 | $ | 0.57 | -- | |||||||
Weighted
average shares:
|
||||||||||||
Basic
|
22,349,967 | 23,705,600 | (6 | ) | ||||||||
Diluted
|
22,666,326 | 24,444,932 | (7 | ) | ||||||||
Ratio
Analysis
|
||||||||||||
Total
revenue:
|
||||||||||||
Restaurant
|
79.4 | % | 79.6 | % | ||||||||
Retail
|
20.6 | 20.4 | ||||||||||
Total
revenue
|
100.0 | 100.0 | ||||||||||
Cost
of goods sold
|
31.6 | 31.0 | ||||||||||
Gross
profit
|
68.4 | 69.0 | ||||||||||
Labor
& other related expenses
|
38.7 | 38.8 | ||||||||||
Other
store operating expenses
|
18.5 | 18.1 | ||||||||||
Impairment
and store closing charges
|
-- | 0.2 | ||||||||||
Store
operating income
|
11.2 | 11.9 | ||||||||||
General
and administrative expenses
|
5.5 | 5.7 | ||||||||||
Operating
income
|
5.7 | 6.2 | ||||||||||
Interest
expense
|
2.5 | 2.6 | ||||||||||
Interest
income
|
-- | -- | ||||||||||
Pretax
income
|
3.2 | 3.6 | ||||||||||
Provision
for income taxes
|
1.0 | 1.2 | ||||||||||
Income
from continuing operations
|
2.2 | 2.4 | ||||||||||
Loss
from discontinued operations
|
-- | -- | ||||||||||
Net
income
|
2.2 | % | 2.4 | % |
10/31/08
|
8/1/08
|
|||||||
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 11,174 | $ | 11,978 | ||||
Assets
held for sale
|
2,311 | 3,248 | ||||||
Other
current assets
|
231,932 | 205,413 | ||||||
Property
and equipment, net
|
1,052,742 | 1,045,240 | ||||||
Long-lived
assets
|
43,729 | 47,824 | ||||||
Total
assets
|
$ | 1,341,888 | $ | 1,313,703 | ||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
liabilities
|
$ | 253,695 | $ | 264,719 | ||||
Long-term
debt
|
809,298 | 779,061 | ||||||
Interest
rate swap liability
|
41,438 | 39,618 | ||||||
Other
long-term obligations
|
135,317 | 137,554 | ||||||
Shareholders’
equity
|
102,140 | 92,751 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 1,341,888 | $ | 1,313,703 | ||||
Common
shares outstanding
|
22,375,604 | 22,325,341 |
First
Quarter Ended
|
||||||||
10/31/08
|
11/2/07
|
|||||||
Cash
flows from continuing operations:
|
||||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 12,832 | $ | 13,889 | ||||
Loss
from discontinued operations, net of tax
|
-- | 94 | ||||||
Depreciation
and amortization
|
14,186 | 13,660 | ||||||
Loss
on disposition of property and equipment
|
862 | 535 | ||||||
Impairment
|
-- | 532 | ||||||
Share-based
compensation, net of excess tax benefit
|
1,721 | 2,223 | ||||||
Net
changes in other assets and liabilities
|
(36,307 | ) | (33,927 | ) | ||||
Net
cash used in operating activities
|
(6,706 | ) | (2,994 | ) | ||||
Cash
flows from investing activities:
|
||||||||
Purchase
of property and equipment, net of insurance
recoveries
|
(21,975 | ) | (24,325 | ) | ||||
Proceeds
from sale of property and equipment
|
728 | 65 | ||||||
Net
cash used in investing activities
|
(21,247 | ) | (24,260 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Net proceeds for credit facilities and other long-term
obligations
|
30,329 | 26,591 | ||||||
Proceeds
from exercise of stock options
|
870 | 1,926 | ||||||
Excess
tax benefit from share-based compensation
|
7 | 91 | ||||||
Dividends
on common stock
|
(4,057 | ) | (3,310 | ) | ||||
Net
cash provided by financing activities
|
27,149 | 25,298 | ||||||
Cash
flows from discontinued operations:
|
||||||||
Net
cash used in operating activities of discontinued
operations
|
-- | (145 | ) | |||||
Net
cash used in discontinued operations
|
-- | (145 | ) | |||||
Net
decrease in cash and cash equivalents
|
(804 | ) | ( 2,101 | ) | ||||
Cash
and cash equivalents, beginning of period
|
11,978 | 14,248 | ||||||
Cash
and cash equivalents, end of period
|
$ | 11,174 | $ | 12,147 |
First Quarter Ended |
10/31/08 |
11/2/07
|
Units
in operation:
|
||||||||
Open
at beginning of period
|
577 | 562 | ||||||
Opened
during period
|
4 | 6 | ||||||
Closed
during period
|
-- | (2 | ) | |||||
Open
at end of period
|
581 | 566 | ||||||
Total
revenue: (In thousands)
|
||||||||
Restaurant
|
$ | 455,967 | $ | 462,753 | ||||
Retail
|
117,965 | 118,412 | ||||||
Total
revenue
|
$ | 573,932 | $ | 581,165 | ||||
Operating
weeks:
|
7,515 | 7,322 | ||||||
Average
unit volume: (In thousands)
|
||||||||
Restaurant
|
$ | 788.8 | $ | 821.6 | ||||
Retail
|
204.0 | 210.2 | ||||||
Total
|
$ | 992.8 | $ | 1,031.8 | ||||
Q1 2009 vs. Q1 2008 |
Comparable
store sales period decrease:
|
||||||||
Restaurant
|
(3.2 | )% | ||||||
Retail
|
(2.3 | )% | ||||||
Number
of locations in comparable store base
|
550 |